The Pittsburgh based group already owns British retail fund manager Newton Asset Management and would be keen to add the Royal & Sun Unit to it's international business operations.
Goldman Sachs are handling the sale, which is expected to raise around £300m.
Friends Ivory & Sime, Aberdeen Asset Management, SG Asset Management and GE Capital are all thought to be interested in the purchase.
Mellon Eyes Royal & Sun Unit
Mellon Financial, one of the world's largest financial services companies with funds worth £400 billion under management, has made an indicative offer for the investment management arm of UK insurer Royal & Sun Alliance.
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